Cryptocurrency price forecast for February 10, 2023: ETH, BTC, and Cardano

In 2021, the appeal of cryptocurrency was still strong. Goldman Sachs now accepts cryptocurrencies. The first large cryptocurrency business to go public was Coinbase in April 2021. In October of that same year, the first bitcoin-focused exchange-traded fund in the United States made its debut.

Bitcoin, the most well-known cryptocurrency, had a successful year. Since the beginning of 2021, the value of the digital currency has increased by almost 70%, increasing the entire market value of cryptocurrencies beyond $2 trillion.

This year has seen a considerable growth in the values of most of the major coins, which has been wonderful for the cryptocurrency market. Three more successful digital currencies are Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE).

Related: Cryptocurrency price forecast for January 16, 2023: ETH, BTC, and Cardano

Investors can anticipate a wonderful voyage if the history of cryptocurrencies is any guide to the future.

The following are key cryptocurrency forecasts for 2023:

Price Prediction for Bitcoin

The price of one bitcoin is $23,206, and its 24-hour trading volume is $26.9 billion. The price of Bitcoin has risen by 1.13% over the past 24 hours. With a live market capitalization of $447 billion, CoinMarketCap is presently ranked first.

On the 4-hour timeframe, Bitcoin is currently encountering immediate resistance at the $22,750 level. Closing candles below this level might cause the price of BTC to fall as low as $22,300 or $22,000.

Given that technical indicators like the RSI and MACD are in the sell zone, more selling pressure might drive the price of bitcoin towards $21,500.

In contrast, the BTC/USD pair might find support at $22,750, with a closing above this level triggering a rise towards $23,350.

Estimated price of Ethereum

Ethereum’s price at the moment is $1,632, and its 24-hour trading volume is $8.7 billion. In the past 24 hours, Ethereum has decreased by 2.5%. With a live market worth of $199 billion, CoinMarketCap is now ranked second.

It is anticipated that closed candles over $1,675 will raise the price of ETH to $1,725 or $1,725.

A drop below $1,620, on the other hand, could expose BTC to as low as $1,550.

Cardano Price Prediction

Cardano’s price climbed by 2.5% in the previous day to reach $0.398260, outpacing the market’s 1.5% growth.

With the debut of the Cardano-based stablecoin Djed last week, the price of ADA has increased by 11% over the past two weeks and by 35% over the past 30 days.

The fact that ADA’s 30-day moving average (red) is getting close to its 200-day moving average is an indication that the moment is perfect for the cryptocurrency (blue). The currency might gain more if it moves above the longer-term average and creates a golden cross.

The ADA’s relative strength index (purple) is still at or near 60. With the RSI currently bouncing back after each dip, it appears to be in a position to continue increasing.

Related: Cryptocurrency Price Forecast: ETH, BTC, and Cardano, December 5th, 2022

As was previously said, the introduction of the Djed (DJED) stablecoin has contributed to ADA’s successful performance. Djed’s reserve has already taken 30.5 million ADA out of circulation; more withdrawals are anticipated in the upcoming days and weeks.

In other words, there is a decline in supply while there is a rise in demand for ADA. The recent rallies are a result, but it’s important to remember that DJED only has a $2 million supply right now, indicating that there is still lots of room for growth.

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